Abstract
The phenomenon of technical change is understood to spur economic development and growth (Schumpeter, 1939). The explanation for economic growth from technical change is often causally linked to market structure, providing an explanation of the phenomenon from a macro view only (Ruttan, 2000). However, through a careful reading of historic writing on technical change, a multi-level approach emerges that has never been rigorously formalized for testing and critique. In response to this, this paper explores the lower level of analysis of technical change through an agent-based model of technology adoption by firms. This agent-based model is used to support the development of theory about the relationship between technology adoption by firms and uncertainty from consumer demand.
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